Egypt's Al **uran sugar project secures Islamic financing
 

Egypt's Al **uran sugar production facility, a 2.5 billion Egyptian pound ($357 million) project, could begin operations in 2016 after securing a sharia-compliant financing package, the project sponsors said on Monday. Al **uran is expected to refine more than 500,000 tonnes of sugar annually, potentially reducing the country's reliance on imported sugar by up to 25 percent, the Islamic Corporation for the Development of the Private Sector (ICD) said. The ICD, the private sector arm of the Jeddah-based Islamic Development Bank, said it had extended a financing package including equity investment, mezzanine financing and standby guarantees of up to $46 million. Shareholders in the project include Al **uran Multitrading, the ICD, the Kuwait-based Arab Fund for Eco**mic and Social Development and the Egyptian Sugar & Integrated Industries Co. Al **uran Multitrading, a private sugar trading house, said in a separate statement that a senior financing facility had been arranged by a consortium of 13 banks including Banque Misr, Bank Audi and Abu Dhabi Islamic Bank.

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